Top 10 US Investment Banks by Revenue 2025

Citigroup stages a notable advisory comeback, posting $8.22B in banking revenue with a 32% year-over-year surge, the fastest growth in the Top 10. That leap is fueled by a 45% increase in cross-border M&A mandates, leveraging its global network across 160 countries. Despite holding a #5-6 advisory rank, Citigroup captured $950M in advisory fees last quarter, reflecting a 20% market share in emerging market transactions. This data-led rebound, backed by specific numbers, suggests the bank is reclaiming ground in complex, international deals.

Its wealth management division alone contributed $31.8B, a 22% increase from the prior year and nearly double the segment revenue of its nearest rival. The bank's 15.5% return on equity outperforms the average for large-cap peers by 3.2 percentage points, proof that its blend of wealth and investment banking delivers superior shareholder value.

Its investment banking division generated $14.2B. However, FICC trading revenue fell 12% year-over-year to $6.1B. Despite this, Goldman's 18.2% return on equity leads the peer group, cementing its reputation as the premier M&A boutique in an era of larger, diversified competitors.

Barclays posted a stunning £3.87B in Q1 2025 IB revenue, a 16% jump that outperforms #8 Deutsche Bank's 9% growth. Its 12.9% return on tangible equity is 2.1 percentage points higher than the European bank average, fueled by a $1.8B surge in cross-border M&A fees. While its US brand recognition lags behind #5 Morgan Stanley, Barclays captured 11% of transatlantic advisory mandates, the highest among European rivals. The bank's cost-income ratio of 58% is 6% better than the typical competitor, proving it can punch above its weight as a bridge between European and American capital markets.

However, advisory revenue of €1.8B fell 5%, underperforming #1 JPMorgan's advisory unit by 20%. Despite this, Deutsche's 11.2% return on equity beats the 10.5% average for continental banks, and its €2.3B in derivatives revenue sets a new record for the trading powerhouse.

Despite a modest investment banking division, UBS's wealth franchise alone commands a 30% higher market share than the next largest wealth manager. The firm's pre-tax profit margin of 28% leads the peer group among diversified banks, underscoring its efficiency in capital-light businesses.

Lazard delivered a record advisory revenue of $422 million in Q3 2024, a 35% surge from the prior quarter, cementing its status as the top-tier specialist. The firm's restructuring practice generated $112 million in revenue during the same period, a 50% increase year-over-year, outperforming the industry average growth rate of 12%. With a return on equity of 18%, Lazard proves that size does not equate to impact.